FAKE NEWS: We don’t need Wills, we will inherit everything from each other as we are married!

It is a very common misconception that everything passes to the surviving spouse / partner upon first death.

In some cases, this will be true, for example, when the deceased does not have children or if the value of the Estate is below £322,000.

For Estates worth in excess of £322,000, where the deceased has children, the surviving spouse/partner will receive the first £322,000, the personal possessions of the deceased and 50% of the remainder of the Estate (the residue).  The other 50% of the residue is shared equally between the children of the deceased.

This may not be the wish or intention of the first spouse/partner to pass away, may have adverse tax implications and could potentially lead to claims by disappointed beneficiaries who have not been adequately provided for.

It is essential to obtain expert advice and put a suitable Will in place.  Our expert team can assist you with your Estate planning needs.